Nigerian stocks close flat as Geregu Power profit-taking offsets banks' gains
Nigerian stocks edged down 0.02% on Thursday, the high point of a session in which buying and selling pressures were nearly balanced and liquidity fell 44% from compared to the day before.
New entrant Geregu Power experienced its first slip since its IPO last week, with the strength of that slip erasing the positive difference the aggregate earnings of Big 5 lenders, sometimes referred to as FUGAZ by their initials, would have had on trade.
FBN Holdings, UBA and GTCO all suffered at least three straight losses to post moderate gains.
""We expect bearish sentiment to continue to dominate the market given the high yield environment. However, investors will continue to chase growth stocks,” United Capital analysts said in a note to investors this week.
Market breadth, an indicator of investor sentiment towards the trade, closed positive, with 13 gainers reported versus 10 losers.
The all-stock index fell 7.5 points to 47,524.4, while market capitalization fell to 25.7 trillion naira.
Year-to-date, the index has risen 11.3%.
READ ALSO: TOP FIVE WINNERSHoneywell Flour led the gains, rising 9.8% to close at N2.13. Neimeth was up 9.5% to end the trade at N1.38. Fidson rose 7.9% to N9.17. Chams rose to N0.28, up 7.7% in the process. Livestock feed traded up 6.8% to N1.10.
TOP FIVE LOSERSUACN fell 9.76% to close at 9.25N. Geregu Power fell 110% to end trade at N9.02. Lasaco fell to N0.84, losing 6.7% in the process. Cornerstone Insurance fell to N0.52, recording a 5.5% impairment. Red Star Express closed at N3.48, down 3.3%.
TOP FIVE OCCUPATIONS
A total of 86.5 million shares valued at N2.1 billion naira were traded in 3,264 transactions.
GTCO was the most active stock with 19.2 million of its shares worth N342.2 million traded in 473 deals. Zenith Bank traded 8.5 million shares at a price of N166.5 million in 257 transactions. Access Holdings had 8.5 million shares valued at N67.5 million in exchange for 127 transactions. UBA traded 4.5 million shares valued at N31.2 million in 101 transactions. FBN Holdings traded 39.4 million shares worth N36.5 million in 101 transactions.
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Nigerian stocks edged down 0.02% on Thursday, the high point of a session in which buying and selling pressures were nearly balanced and liquidity fell 44% from compared to the day before.
New entrant Geregu Power experienced its first slip since its IPO last week, with the strength of that slip erasing the positive difference the aggregate earnings of Big 5 lenders, sometimes referred to as FUGAZ by their initials, would have had on trade.
FBN Holdings, UBA and GTCO all suffered at least three straight losses to post moderate gains.
""We expect bearish sentiment to continue to dominate the market given the high yield environment. However, investors will continue to chase growth stocks,” United Capital analysts said in a note to investors this week.
Market breadth, an indicator of investor sentiment towards the trade, closed positive, with 13 gainers reported versus 10 losers.
The all-stock index fell 7.5 points to 47,524.4, while market capitalization fell to 25.7 trillion naira.
Year-to-date, the index has risen 11.3%.
READ ALSO: TOP FIVE WINNERSHoneywell Flour led the gains, rising 9.8% to close at N2.13. Neimeth was up 9.5% to end the trade at N1.38. Fidson rose 7.9% to N9.17. Chams rose to N0.28, up 7.7% in the process. Livestock feed traded up 6.8% to N1.10.
TOP FIVE LOSERSUACN fell 9.76% to close at 9.25N. Geregu Power fell 110% to end trade at N9.02. Lasaco fell to N0.84, losing 6.7% in the process. Cornerstone Insurance fell to N0.52, recording a 5.5% impairment. Red Star Express closed at N3.48, down 3.3%.
TOP FIVE OCCUPATIONS
A total of 86.5 million shares valued at N2.1 billion naira were traded in 3,264 transactions.
GTCO was the most active stock with 19.2 million of its shares worth N342.2 million traded in 473 deals. Zenith Bank traded 8.5 million shares at a price of N166.5 million in 257 transactions. Access Holdings had 8.5 million shares valued at N67.5 million in exchange for 127 transactions. UBA traded 4.5 million shares valued at N31.2 million in 101 transactions. FBN Holdings traded 39.4 million shares worth N36.5 million in 101 transactions.
Support the integrity and credibility journalism of PREMIUM TIMES Good journalism costs a lot of money. Yet only good journalism can guarantee the possibility of a good society, an accountable democracy and a transparent government. For free and continued access to the best investigative journalism in the country, we ask that you consider providing modest support to this noble endeavour. By contributing to PREMIUM TIMES, you help sustain relevant journalism and keep it free and accessible to everyone.Donate
[embedded content]TEXT ANNOUNCEMENT: Call Willie - +2348098788999
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